Tax authorities issued a fresh notice to Vodafone - RNews1 Network

Tax authorities issued a fresh notice to Vodafone

Vodafone Group Plc, income tax, tax authorities of india, Vodaphone, British telecoms, microsoft corp
Mumbai : Tax authorities of India have issued a fresh notice to Vodafone Group Plcseeking re-assessment of tax returns for assessment year 2009-2010, a news channel reported on Saturday citing sources familiar with the development.

The government in January said it would not appeal a regional court ruling in favour of Vodafone in a long-running dispute under which the taxmen had accused a unit of the British telecoms firm of under-pricing shares in a rights issue. Vodafone has 30 days to respond to the fresh notice, the news channel`s report said.

However, Finance Minister Arun Jaitley, in comments carried by Business Standard newspaper, said: "Barring a case that is pending under that law (Income Tax Act) or another case that has arisen now, I think we`ve put most issues to rest, as far as retrospective legislation is concerned."

Modi`s government has sought to move towards a tax-friendly regime to boost much-needed foreign investment and reduce the tax battles that during the last government embroiled multinationals including Vodafone Group, Royal Dutch Shell , IBM Corp and Microsoft Corporation.

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